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# Curtiss-Wright Raises Earnings Outlook To $15.40–$15.60 As Submarine And Nuclear Sales Grow
- URL: https://www.bullished.co/curtiss-wright-raises-earnings-outlook-to-15-40-15-60-as-submarine-and-nuclear-sales-grow-f92afd83/
- Published: 2026-11-06T16:26:35.000Z
- Updated: 2026-11-06T16:26:35.000Z
- Description: Orders rose 15%, but weaker Defense Electronics profits and lower quarterly cash generation tempered the gains.
- Author: Matteo Parrino
- Tags: Earnings, CW, Industry: Industrials

[Curtiss-Wright](https://www.bullished.co/tag/cw/), which makes aerospace, defense and nuclear-power equipment, raised its 2026 adjusted earnings outlook to $15.40–$15.60 per share from $15.10–$15.40 on Wednesday. The results, included in Thursday’s [SEC filing](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/cw-20261104.htm?ref=bullished.co), showed stronger submarine and nuclear sales alongside a decline in Defense Electronics profits.

## More Orders, Higher Annual Targets

Third-quarter sales were [$953 million](https://markets.ft.com/data/announce/detail?dockey=600-202611041630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261104%5FBW325474-1&ref=bullished.co), up 10% from a year earlier. Adjusted earnings reached $3.94 per share, up 16%, while reported earnings were $3.77 per share. Adjusted operating profit increased 11% to $189 million, with a 19.9% margin versus 19.6% a year earlier.

The company lifted its [sales outlook](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/ex991%5Fcwxq326xearnings.htm?ref=bullished.co) to $3,795–$3,840 million from $3,768–$3,813 million. It now expects adjusted operating profit of $731–$744 million, compared with $720–$736 million previously, and an operating margin of 19.2%–19.4% rather than 19.1%–19.3%.

Orders reached [$1.1 billion](https://markets.ft.com/data/announce/detail?dockey=600-202611041630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261104%5FBW325474-1&ref=bullished.co), a 15% year-over-year increase, with growth across defense markets, commercial aerospace and general industrial customers. Unfilled orders stood at $4.6 billion, up 12% from December 31, 2025.

Lynn M. Bamford, Curtiss-Wright’s chair and CEO, said the company anticipates “improved profitability across [all three segments](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/ex991%5Fcwxq326xearnings.htm?ref=bullished.co).” CW shares rose about 4% to $453.08 in Friday trading.

## Submarines Lead, Electronics Profits Fall

Naval & Power delivered $76 million in adjusted operating profit, up 25%, on $412 million in sales, a 12% increase. Production timing on Columbia-class and Virginia-class submarines and aircraft-carrier refueling and overhaul work supported growth. Nuclear sales also benefited as advanced-reactor projects moved from development toward initial prototypes.

Aerospace & Industrial sales increased 14% to $282 million, and adjusted operating profit rose 19% to $55 million. Fighter-jet actuation equipment and sensors, commercial-aircraft production and industrial vehicle products helped the segment grow. Higher revenue and restructuring savings more than offset added research spending.

Defense Electronics took a different path: sales rose 2% to $259 million, but adjusted operating profit fell 5% to $70 million. Product mix and increased research spending outweighed the benefit of higher revenue, pushing its margin to 27.0% from 29.2%. Helicopter and international fighter-jet computing equipment supported sales, while production timing on unmanned aircraft and commercial avionics limited growth.

The businesses supply customers ranging from defense contractors and aircraft manufacturers to energy and manufacturing companies. Government end users in the U.S. and abroad accounted for 58% of Curtiss-Wright’s net sales in 2025.

## Less Quarterly Cash, More Buybacks

Free cash flow—operating cash remaining after net capital spending—fell 11% to $157 million from $176 million. Higher investment and tax payments outweighed increased cash earnings. Nevertheless, management raised its annual cash-flow forecast to $595–$615 million from $585–$605 million.

Curtiss-Wright spent approximately $352 million repurchasing approximately 538,000 shares during the third quarter and remains on track for $460 million of buybacks in 2026\. Its 2025 program totaled a record $466 million.

The board added $510 million to its repurchase authorization in September 2026, bringing available authorization to $700 million. The company expects $600 million to remain available entering 2027\. It also declared a third-quarter dividend of $0.26 per share.

The higher earnings forecast includes a [lower share-count assumption](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/ex992%5Fcwxq326.htm?ref=bullished.co): 36.9 million diluted shares, versus 37.1 million previously. Management also reduced its other-income outlook, citing lower interest income associated with second-half buybacks.

Defense Electronics still carries an annual adjusted operating-profit target of $291–$298 million, up 5%–7% from 2025, despite its third-quarter decline.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CURTISS WRIGHT CORP (CW)](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/cw-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex991\_cwxq326xearnings.htm — CURTISS WRIGHT CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/ex991%5Fcwxq326xearnings.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex992\_cwxq326.htm — CURTISS WRIGHT CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000026324/000162828026070580/ex992%5Fcwxq326.htm?ref=bullished.co) — SEC EDGAR
- [Curtiss-Wright Reports Third Quarter 2026 Financial Results and Raises Full-Year 2026 Guidance – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202611041630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261104%5FBW325474-1&ref=bullished.co) — Financial Times

### More on Curtiss-Wright

- [Curtiss-Wright's CFO Of Six Years Retires At Year-End, Controller Takes Interim Role](https://www.bullished.co/curtiss-wrights-cfo-of-six-years-retires-at-year-end-controller-takes-interim-role-89e0bce9/)

[All Curtiss-Wright (CW) coverage →](https://www.bullished.co/tag/cw/)